|Market Close||Market Close|
|Strengthening fuel markets continued to support gas prices yesterday but the gains were not as significant as those recorded on Tuesday. Rising Brent and EUA contracts were the main factor behind the bullish movement, although planned maintenance in Norway and a weak LNG outlook also contributed.||Power contracts moved higher on Wednesday although comfortable renewable generation weighed on the prompt and front-month. Bullish coal, oil, carbon and emissions contracts helped the rest of the curve move higher, with coal breaking its $80t resistance.|
|Market Open||Market Open|
|The UK gas system initially opened short but quickly recovered to 10mcm long, resulting in some downward movement at the front of the curve. The rest of the curve is rather stable as a higher LDZ demand outlook has been offset by stronger wind levels which will reduce CCGT demand.||Near-curve power contracts display small increases this morning with a healthy wind generation outlook helping to restrict the bulls, resulting in minimal movement on the front-month contract. Meanwhile, coal and emissions contracts continue to strengthen and have supported the far-curve.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices continue to rise on the back of an increase in oil demand, although Hurricanes Irma & Jose could impact shipping routes and pressure down the market. Libyan output has also increased as numerous disruptions have been resolved, providing additional bearish resistance.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity increased – closing at 46.35ppt and £46.84/MWh, respectively.
Today’s prices can also be found in an easy to read table on our ‘current UK energy price' page.
Click graph to enlarge
If you would like to learn more about how Apollo Energy can help your business find the best deal on its gas and energy contracts then feel free to get in touch by calling us on 01257 239500 or using the form on our contact form.